Education Loans for Students in India | How To Get Right Study Loan

Education Loans for Students in India

An Education Loans for Students in India can be a saving grace for needy but eligible students to accomplish higher education in reputed professional institutes or Universities. Student loans commonly called as Education loans or higher education loans which are financial relieves to students provided by the Private financial institutions, Banks and Government organization. The process of getting education loan is simple but you need to know How to Get Right Study Loan for your intelligent and desiring wards.

Educational costs for higher studies have augmented to such an amount in the last couple of years that it has become hard for the middle class as well as upper middle class to borne the educational expenses by their own. Thus student’s loans come in useful way for people with financial restraints to a large amount.

Many of public sector/ nationalized banks like State Bank of India and private sector banks like ICICI and HDFC etc. recommend educational loans for students to learn in India and abroad with changeable stipulations. Students can move toward these banks with some initial information about the schemes and hit the right deal for them.

Here on this page of recruitmentresult.com, we have provided much information in concern to educational loan for students in India such as the list of interest charged by banks, documents required, eligibility, hurdles, expenses considered by bank etc. So it is advised to read complete details given in the underneath section of this page before applying for student loan.

Education Loans for Students in India

Eligibility Criteria:

Must be a citizen of India.

Age Limit varies with different Banks.

Your course and University should be eligible for Loan.

If loan amount is above Rs 4 Lakh, then you will need a guarantor.

No outstanding education loan from any other association.

Marks scored in 10+2 must be above 60% for general category and 50% for SC / ST / OBC category.

Applicants need to recompense the educational loan in Course period + 1 year or 6 months after getting job, whichever is prior. The loan is to be repaid in 10years to 12 years after commencing of installments of loan. Ifthe candidate is not able to finish the course within the planned time, additional time for completion of course may be allowable for an utmost period of 2 years.

Maximum Loan Limit

Repayment Period

Upto Rs. 4 Lacs

Upto 10 years

Above Rs. 4 Lacs and upto Rs. 7.5 Lacs

Upto 10 years

Above Rs. 7.5 Lacs

Upto 12 years

Education Loan provides an opportunity for better study to the students that belong to lower or middle class families. Usually such families can’t afford the cost of higher studies or studying abroad. In this case banks help such students by providing loan at lesser interest rates. Banks also provide enough time to pay the installments as they get a job after completion of study.

This loan facility provided a ray of hope to those students whose academic record is excellent but they can’t study further due to financial instability. Most of the banks in India provide education loans and some of them even tied up with some major universities and institutes as a loan provider. Eligibility, documents required and procedure to get loan is described above.